Deutsche Telekom : Financial Report (dt 26q2 consensus pdf data)

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Consensus Details Q2 and FY 2026 - 2030 Disclaimer : This document had been issued by Deutsche Telekom AG for information purposes only and is not intended to constitute investment advice. It is based on estimates and forecasts of various analysts regarding our revenues, earnings and business developments. Such estimates and forecasts cannot be independently # of estimates # of estimates # of estimates # of estimates # of estimates # of estimates verified by reason of the subjective character. Deutsche Telekom gives no guarantee, representation or warranty and is not responsible or liable as to its accuracy and completeness. Q2 High Low Average FY 26 High Low Average FY 27 High Low Average FY 28 High Low Average FY 29 High Low Average FY 30 High Low Average Gross Revs [€ million] Germany 6.368 1,3% 2,2% 0,8% 14 6.421 6.227 6.360 25.953 1,2% 2,1% 0,8% 15 26.140 24.936 25.908 26.230 1,3% 1,9% 1,0% 15 26.654 25.117 26.220 26.547 1,2% 1,8% 1,0% 14 27.274 25.284 26.549 26.860 1,2% 1,6% 1,0% 12 27.980 25.452 26.868 27.185 1,2% 1,5% 1,0% 12 28.778 25.615 27.229 Total Service rev growth YoY in % MSR growth YoY in % FSR growth YoY in % 13 13 13 1,7% 2,9% 1,0% 1,0% 2,0% 0,4% 1,2% 2,2% 0,8% 14 14 14 2,1% 2,6% 1,9% 1,0% 1,9% 0,4% 1,3% 2,2% 0,9% 14 14 14 2,2% 2,7% 2,0% 0,5% 1,0% 0,0% 1,3% 1,8% 1,0% 13 13 13 2,6% 3,2% 2,3% 0,7% 0,6% 0,5% 1,4% 1,8% 1,2% 10 10 10 2,9% 3,2% 2,8% 0,7% 0,6% 0,6% 1,3% 1,7% 1,2% 10 10 10 3,2% 3,2% 3,2% 0,7% 0,6% 0,0% 1,4% 1,6% 1,2% Mobile Contract Net Adds (own-branded) ['000] BB retail Net Adds DT ['000] 200 -20 5 8 240 0 200 -25 213 -16 821 -33 6 7 950 0 300 -70 774 -35 767 -5 6 7 950 150 300 -43 732 10 658 0 5 7 950 200 300 -32 666 24 608 0 5 7 950 250 300 -22 635 39 558 0 5 7 900 300 300 -22 596 46 TMUS (gross revs in €) 19.721 22.992 19.116 1,16 3.184 2 1.033 540 -886 14 20.280 19.421 19.778 81.995 94.783 77.006 1,16 12.905 4 4.192 2.121 -3.503 15 83.722 77.966 81.587 86.209 99.079 80.891 1,14 13.137 4 4.296 2.090 -3.514 15 87.538 80.330 85.429 89.974 103.153 84.686 1,14 13.346 4 4.389 2.095 -3.527 14 90.995 82.573 88.897 93.311 106.966 88.046 1,14 13.607 5 4.455 2.117 -3.537 12 94.748 84.662 92.048 96.280 109.932 90.797 1,14 13.879 6 4.541 2.117 -3.552 12 98.233 86.602 95.010 Gross revs in $ (US GAAP) Service revs in $ (US GAAP) $-FX-Rate: 1 Euro for ... 12 12 13 23.586 19.519 1,17 22.764 19.000 1,14 23.048 19.153 1,16 13 13 14 96.598 78.307 1,18 92.256 74.573 1,14 94.792 77.090 1,16 13 13 14 99.969 82.086 1,18 95.053 77.370 1,14 98.681 80.716 1,15 12 12 13 104.190 85.881 1,18 97.707 80.024 1,14 102.522 84.275 1,15 10 11 11 108.487 89.655 1,18 100.179 82.496 1,14 106.003 87.506 1,15 9 10 11 112.821 93.581 1,18 102.475 84.791 1,14 109.064 90.445 1,15 Europe Group Development T-Systems GHS 14 13 14 13 3.244 3 1.044 551 3.135 0 1.007 523 3.180 1 1.034 540 15 14 15 14 13.113 9 4.288 2.226 12.764 0 4.103 2.065 12.911 4 4.193 2.130 15 14 15 14 13.423 9 4.480 2.226 12.934 0 4.103 1.970 13.147 4 4.297 2.102 14 13 14 13 13.825 9 4.811 2.226 13.108 0 4.103 1.881 13.373 4 4.406 2.080 12 12 12 12 14.240 9 5.292 2.226 13.296 0 4.103 1.795 13.608 4 4.504 2.064 12 11 12 12 14.667 9 5.768 2.226 13.432 0 4.103 1.713 13.843 4 4.614 2.043 Reconciliation 13 -856 -952 -893 14 -3.428 -3.717 -3.528 14 -3.350 -3.948 -3.541 13 -3.276 -4.168 -3.578 12 -3.373 -4.358 -3.602 12 -3.453 -4.536 -3.641 Group revs 29.955 14 30.508 29.678 30.001 123.418 15 125.369 119.811 123.202 128.068 15 129.507 122.915 127.658 132.517 14 133.432 125.934 131.731 136.539 12 137.629 128.819 135.494 140.212 12 142.257 131.577 139.101 Adj. EBITDA AL [€ million] Germany TMUS 2.675 7.889 9.156 268 9.435 1.221 -10 98 -159 -3 14 14 2.697 8.135 2.647 7.809 2.672 7.927 10.992 31.533 36.429 979 37.410 4.872 -32 437 -758 -6 15 15 11.121 32.147 10.883 30.852 10.994 31.430 11.253 34.381 39.394 1.005 40.392 4.996 -33 447 -750 -6 15 15 11.447 35.676 10.982 31.143 11.246 34.060 11.494 36.559 41.783 1.019 42.795 5.103 -34 457 -749 -10 14 14 11.860 37.916 11.099 32.038 11.492 36.145 11.741 38.686 44.271 1.000 45.051 5.243 -34 463 -746 -3 12 12 12.321 41.098 11.046 33.090 11.735 38.169 11.954 40.752 46.468 1.000 47.473 5.350 -34 471 -742 -4 12 12 12.817 44.408 10.979 33.906 11.968 40.110 TMUS in $ (IFRS) Bridge between IFRS and US GAAP in $ TMUS in $ (US GAAP) 9 8 10 9.399 315 9.640 9.098 241 9.408 9.186 269 9.468 12 11 12 36.917 1.382 37.803 36.179 886 37.269 36.436 1.025 37.464 12 11 12 40.862 2.285 41.748 36.121 886 37.350 39.208 1.131 40.050 11 10 11 43.484 2.391 44.370 37.066 886 39.457 41.452 1.153 42.275 10 9 10 47.207 2.515 48.093 38.168 886 40.683 43.708 1.179 44.486 10 9 9 51.080 2.602 51.966 39.034 886 41.636 45.828 1.194 46.702 Europe Group Development T-Systems GHS 14 13 14 14 1.246 -6 102 -145 1.195 -20 95 -191 1.223 -10 98 -161 15 14 15 15 4.948 -20 462 -705 4.810 -35 410 -815 4.874 -31 436 -767 15 14 15 15 5.224 -20 522 -700 4.914 -35 420 -818 5.012 -32 452 -757 14 13 14 14 5.513 -20 596 -668 4.981 -35 431 -829 5.136 -32 468 -745 12 11 12 12 5.816 -30 680 -629 5.054 -35 431 -839 5.273 -33 482 -738 12 11 12 12 6.129 -30 764 -592 5.128 -35 431 -848 5.398 -33 499 -734 Reconciliation 13 2 -7 -3 14 2 -21 -9 14 0 -31 -9 13 0 -31 -11 11 0 -31 -9 11 0 -31 -9 Group EBITDA AL adj. 11.702 14 12.020 11.633 11.748 47.000 15 47.771 46.307 46.929 50.306 15 52.035 46.772 49.975 52.878 14 55.045 48.088 52.455 55.448 12 59.056 49.566 54.882 57.841 12 63.241 50.813 57.202 Group ex TMUS EBITDA AL adj. 3.826 11 3.885 3.758 3.827 15.502 12 15.639 15.434 15.509 15.917 12 16.359 15.720 15.934 16.273 11 17.129 15.795 16.318 16.638 10 17.958 15.827 16.689 16.982 10 18.833 15.834 17.040 Group EBITDA adj. 13.262 11 13.493 12.537 13.194 53.325 12 53.718 51.550 53.165 56.636 12 57.723 52.668 56.233 59.120 12 60.487 54.054 58.653 61.506 10 63.288 55.602 60.930 63.658 10 66.040 56.919 63.071 Cash Capex [€ million] Germany TMUS TMUS in $ (US GAAP) Europe Group Development T-Systems GHS 1.194 2.116 2.436 471 1 51 216 12 12 10 12 12 12 12 1.369 2.234 2.503 575 1 58 229 1.063 1.786 2.295 418 0,0 45 187 1.206 2.086 2.429 485 1 51 212 5.015 8.700 10.011 2.023 3 220 844 14 14 11 14 14 14 14 5.315 12.233 10.208 2.250 5 251 900 4.860 8.120 9.888 1.899 0 208 700 5.022 8.960 10.034 2.042 2 222 842 5.061 8.522 9.750 2.060 3 222 841 14 14 11 14 14 14 14 5.315 15.453 10.175 2.200 5 256 900 4.900 8.085 9.500 1.900 0 208 700 5.058 9.016 9.780 2.048 2 226 836 5.066 8.847 10.157 2.065 3 224 841 14 14 11 14 14 14 14 5.315 11.197 10.348 2.200 5 261 944 8.120 9.500 1.876 0 208 700 5.074 8.895 10.021 2.050 2 230 832 5.050 8.822 10.238 2.092 3 220 844 11 12 10 11 11 11 11 5.296 10.299 11.778 2.221 5 282 944 4.700 8.120 9.655 1.850 0 208 761 5.018 8.970 10.359 2.048 2 233 834 5.018 9.023 10.312 2.111 3 222 844 11 11 9 11 11 11 11 5.292 11.650 13.324 2.289 5 308 944 3.595 8.120 9.788 1.800 0 208 691 4.906 9.404 10.777 2.069 2 237 820 Group Cash Capex 4.071 13 4.400 3.532 4.066 16.786 14 20.838 16.056 17.079 16.629 14 23.983 16.007 17.171 17.001 14 19.703 15.964 17.068 16.986 12 18.617 16.084 17.121 17.341 12 20.029 15.675 17.476 Group ex TMUS Cash Capex 1.966 10 2.161 1.789 1.978 8.073 12 8.267 7.960 8.098 8.125 12 8.321 7.922 8.130 8.095 12 8.379 7.772 8.139 8.161 10 8.500 7.622 8.139 8.153 9 8.454 6.652 7.976 Cash [€ million] Group FCF AL before dividends 4.882 8 5.435 4.522 4.881 19.773 11 21.012 19.135 19.872 21.653 11 23.413 20.572 21.811 23.403 11 25.217 22.186 23.674 25.116 10 27.050 23.341 25.127 26.460 10 29.323 22.882 26.488 TMUS reported FCF AL in $ (US GAAP) Group ex TMUS FCF AL* 4.541 1.121 9 5 4.808 1.400 4.354 611 4.534 1.092 18.493 3.720 10 10 19.047 4.291 17.992 3.068 18.495 3.712 20.178 3.851 10 10 20.957 4.193 19.653 3.421 20.248 3.869 22.206 4.051 10 10 23.158 4.806 20.836 3.755 22.153 4.133 23.515 4.232 9 8 24.754 5.522 21.725 3.953 23.255 4.386 24.869 4.352 8 9 26.443 6.107 21.586 3.967 24.280 4.732 Group assumed spending on spectrum** Group Net Debt (incl. leases) Group Net Debt (excl. leases) 172 138.276 104.249 6 9 7 333 139.001 105.179 60 137.789 103.416 190 138.401 104.275 960 136.738 102.183 10 12 13 3.515 142.237 108.176 500 130.112 91.674 1.375 136.108 100.569 7.027 138.100 103.299 9 12 12 22.188 154.465 119.743 500 122.884 85.100 8.805 138.666 102.941 2.055 135.945 98.935 10 12 12 3.687 159.038 124.336 279 112.155 73.550 1.714 134.720 98.647 800 136.259 94.436 9 10 10 2.660 166.092 130.890 300 114.851 75.297 1.186 132.826 96.220 1.228 131.635 91.299 9 10 10 3.629 173.451 137.749 500 100.370 67.513 1.542 128.540 91.303 TMUS Net Debt in $ (TMUS definition) Expected share buyback by TMUS ($) Expected DT stake in TMUS at YE (%) Expected share buyback by DT (€) 85.213 3.600 54,2% 500 6 7 5 5 87.897 4.800 54,9% 529 83.349 2.500 53,9% 500 85.217 3.486 54,3% 506 83.828 13.643 55,0% 2.000 10 12 10 11 88.692 19.226 56,0% 2.000 82.328 10.000 52,7% 2.000 84.703 13.808 55,0% 2.000 93.769 10.000 55,6% 2.000 10 12 9 9 111.441 20.000 57,1% 5.000 80.845 6.644 53,6% 2.000 93.653 12.183 55,5% 2.889 94.716 11.968 55,8% 2.000 10 12 9 8 114.939 20.000 59,3% 8.000 72.975 9.500 53,7% 2.000 92.486 13.587 56,0% 3.125 93.438 15.888 55,8% 2.000 9 10 8 7 119.925 21.736 59,4% 8.000 47.931 9.500 53,7% 2.000 90.513 14.918 56,0% 3.302 86.785 17.687 55,8% 2.173 8 8 8 8 117.714 20.000 62,1% 8.000 23.178 9.397 53,7% 2.000 83.651 15.721 56,5% 3.418 Bottom Line [€ million] Group adj. D&A Group adj. EBIT Group adj. Interest Group adj. Taxes Group adj. Minorities of which T-Mobile 6.188 7.042 1.513 1.353 1.438 1.271 10 10 10 8 10 3 6.456 7.417 1.754 1.599 1.700 1.342 5.918 6.818 1.400 1.250 1.192 1.257 6.202 7.061 1.540 1.373 1.441 1.290 24.683 28.324 6.084 5.702 5.700 4.950 13 13 12 13 13 6 25.686 29.335 6.961 6.311 7.347 5.279 23.523 27.613 5.698 4.841 5.262 4.314 24.688 28.453 6.131 5.646 5.857 4.893 24.887 31.702 6.608 6.346 6.548 5.714 13 13 12 13 13 6 25.749 34.133 7.592 7.384 7.725 5.822 21.972 28.355 5.545 5.703 5.940 5.398 24.689 31.535 6.541 6.394 6.676 5.680 24.355 34.173 6.685 7.012 7.176 6.350 13 13 12 13 13 6 26.315 37.562 7.888 8.380 8.946 6.705 21.339 30.150 5.037 6.278 6.139 6.026 24.631 34.041 6.540 7.086 7.384 6.354 24.055 36.818 6.697 7.709 7.864 7.070 11 11 10 11 11 5 27.081 41.799 8.021 9.632 10.141 7.677 20.910 32.097 4.484 6.903 6.345 6.642 24.475 36.617 6.594 7.764 7.996 7.126 23.819 39.180 6.640 8.231 8.552 7.801 11 11 10 11 11 5 27.823 45.994 8.099 10.933 10.832 9.383 19.207 33.896 4.034 7.465 6.374 7.110 23.805 39.598 6.533 8.548 8.742 8.147 Group adj. Net Income (after minorities) Group adj. EPS Dividend per Share 2.628 0,56 10 8 0 3.058 0,64 0,00 2.349 0,49 0,00 2.649 0,56 10.779 2,26 1,12 12 12 14 11.353 2,33 1,20 9.808 2,03 1,10 10.734 2,23 1,13 12.121 2,55 1,25 12 12 14 13.128 2,81 1,45 11.241 2,38 1,20 12.093 2,56 1,27 13.222 2,86 1,38 12 12 14 14.631 3,22 1,65 11.938 2,57 1,27 13.244 2,86 1,41 14.501 3,13 1,51 10 11 12 16.435 3,73 1,85 12.679 2,78 1,33 14.536 3,20 1,54 16.070 3,69 1,67 10 11 12 18.282 4,26 2,05 13.420 2,99 1,40 16.122 3,61 1,70 * Including shareholder returns GD towers, excluding shareholder returns from TMUS ** Please only include spectrum cost projections which are included in your net debt forecast

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